Billionaire hints Russians may sell TNK-BP stake

One of the billionaires behind TNK-BP has indicated that the group of four
Russian investors who together hold 50pc in the joint venture could sell
their stake if they received an "interesting proposal".

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"I was very upset. I am still upset now," he said, referring to the Rosneft deal. "I dedicated for that company almost 15 years," he said, adding that he would be even more upset if he ended up selling his stake, because "it means you sell a piece of your life".

AAR, the investment vehicle of the four Russian shareholders, has repeatedly said that their stake in TNK-BP is not for sale.

However, the Arctic deal is at a standstill and the future of TNK-BP in confusion after the two sides have so far been unable to resolve their differences through a series of offers by the British oil giant.

BP has proposed buying out the shareholders or allowing them to participate in the Arctic exploration deal, but so far no acceptable solution has been agreed by the Russians.

Yesterday, Mr Vekselberg hinted at a way to end the impasse for BP by referring publicly for the first time to the possibility that the Russian businessmen would let their interests go.

Mr Vekselberg said he had yet to receive an "interesting proposal" from any buyer.

There have long been rumours that BP would be prepared to buy out AAR for $27bn and the Russians want more like $40bn for their stake.

TNK-BP's management is now planning to launch up to three legal claims against BP, its chief executive Bob Dudley, and BP-nominated directors on its own board.

BP's share price closed up 3.69, or 1pc, at 464.29p in London on Tuesday.